Ozili, Peterson K (2023): Redesigning the eNaira central bank digital currency (CBDC) for payments and macroeconomic effectiveness. Forthcoming in:
Preview |
PDF
MPRA_paper_118807.pdf Download (647kB) | Preview |
Abstract
Central bank digital currency is non-physical money or the digital equivalent of physical money issued by a central bank. Nigeria is the first African country to issue a central bank digital currency, popularly known as the eNaira. This paper highlights the redesign features which the eNaira should possess for it to become very effective in offering payment solution and for macroeconomic stability. The eNaira should have an interest-bearing status, have enhanced security features and should offer zero transaction cost on eNaira transactions.
Item Type: | MPRA Paper |
---|---|
Original Title: | Redesigning the eNaira central bank digital currency (CBDC) for payments and macroeconomic effectiveness |
Language: | English |
Keywords: | eNaira, central bank digital currency, Nigeria, interest-bearing CBDC, cryptocurrency, blockchain, payment system. |
Subjects: | E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies |
Item ID: | 118807 |
Depositing User: | Dr Peterson K Ozili |
Date Deposited: | 12 Oct 2023 11:33 |
Last Modified: | 12 Oct 2023 11:33 |
References: | Adalid, R., Álvarez-Blázquez, Á., Assenmacher, K., Burlon, L., Dimou, M., López-Quiles, C., ... & Veghazy, A. V. (2022). Central bank digital currency and bank intermediation. ECB Occasional Paper, No. 293. Ahnert, T., Hoffmann, P., & Monet, C. (2022). The digital economy, privacy, and CBDC. ECB Working Paper No. 2662 Assenmacher, K., Bitter, L., & Ristiniemi, A. (2022). CBDC and business cycle dynamics in a New Monetarist New Keynesian model. Unpublished Manuscript. Bindseil, U. (2022). The case for and against CBDC–five years later. Available at SSRN. Bjerg, O. (2017). Designing new money-the policy trilemma of central bank digital currency. CBS Working Paper, June 2017, Available at http://dx.doi.org/10.2139/ssrn.2985381 Burlon, L., Montes-Galdon, C., Muñoz, M., & Smets, F. (2022). The optimal quantity of CBDC in a bank-based economy. CEPR Discussion Paper Series, DP16995. Cesaratto, S., & Febrero, E. (2022). Private and Central Bank Digital Currencies: a storm in a teacup? A Post-Keynesian appraisal. Documentos de Trabajo DAEF (Departamento de Análisis Económico y Finanzas). UCLM, (1), 1. Chu, Y., Lee, J., Kim, S., Kim, H., Yoon, Y., & Chung, H. (2022). Review of Offline Payment Function of CBDC Considering Security Requirements. Applied Sciences, 12(9), 4488. Davoodalhosseini, M., Rivadeneyra, F., & Zhu, Y. (2020). CBDC and monetary policy. Bank of Canada, Staff Discussion Paper, No 4. Davoodalhosseini, S. M. (2021). Central bank digital currency and monetary policy. Journal of Economic Dynamics and Control, 104150. Engert, W., & Fung, B. S. C. (2017). Central bank digital currency: Motivations and implications. Bank of Canada Staff Discussion Paper, No 16. Garratt, R., & Zhu, H. (2021). On interest-bearing central bank digital currency with heterogeneous banks. Available at SSRN 3802977. Garratt, R., Yu, J., & Zhu, H. (2022). How Central Bank Digital Currency Design Choices Impact Monetary Policy Pass-Through and Market Composition. Available at SSRN 4004341. He, C., Milne, A., & Zachariadis, M. (2022). Central Bank Digital Currencies and International Payments. SWIFT Institute Working Paper No. 2020-2 Khiaonarong, T., & Humphrey, D. (2022). Falling Use of Cash and Demand for Retail Central Bank Digital Currency. IMF Working Paper No. 027. Kshetri, N., & Loukoianova, E. (2022). Data Privacy Considerations for Central Bank Digital Currencies in Asia–Pacific Countries. Computer, 55(03), 95-100. Kwon, O., Lee, S., & Park, J. (2022). Central bank digital currency, tax evasion, and inflation tax. Economic Inquiry. Lee, D. K. C., Yan, L., & Wang, Y. (2021). A global perspective on central bank digital currency. China Economic Journal, 14(1), 52-66. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/118807 |